Armenian banking sector shows activation tendencyMarch 26, 2010 - 16:24 AMT PanARMENIAN.Net - Armenian banking sector shows gradual activation tendency, based on January-February results.As HSBC Bank Armenia cjsc Chief Executive Officer Astrid Clifford told a news conference in Yerevan, "data for January-February 2010 proves the rising demand for crediting; still, we'll continue to practice caution." "There are no fundamental problems in Armenian foreign currency exchange market," Ms. Clifford said, commenting on fluctuations in exchange rate. On March 17, AMD/USD exchange rate amounted to AMD 400,10/ USD 1, thus exceeding the "psychological" mark. HSBC Bank Armenia was established as a closed joint stock company under the name Midland Armenia Bank J.S.C. on 1996 and has been renamed into HSBC Bank Armenia cjsc on 1999. The bank is a joint venture between the HSBC Group, which has a 70% ownership, and members of overseas Armenian businesses with 30% ownership. It is one of the leading banks in the foreign exchange market. HSBC Bank Armenia cjsc offers a wide range of products and services to individual as well as corporate customers in Armenia and abroad. The bank is the member of SWIFT and Bankmail payment Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia recalls Belarus envoy for consultations Armenian Ambassador to Belarus has been called to Yerevan for consultations, a spokesperson for the Foreign Ministry reveals. Armenia denies Azerbaijan's ceasefire accusations The Armenian Defense Ministry has denied Azerbaijan's accusations of violating the ceasefire. Armenia will leave Russian-led military bloc, says Pashinyan Armenia will leave the Russian-led Collective Security Organization, Prime Minister Nikol Pashinyan said, without giving any dates. EU encourages Armenia to prioritize strategic projects The EU has encouraged Armenia to prioritize strategic projects, according to a statement from the country’s Foreign Ministry. |